Doesn't look original. My guess is that it's a bypass switch for the glow plugs. You manually heat the glow plugs, then start the engine.
The glow plug controller is probably broken and the previous owner just bypassed the controller with a simple button.
EDIT: I was checking your other thread about glow plugs, and what I said above, makes sense. I don't know if pressing the button will light the light on the dash though.
Well, I tried it this morning...pushed that button for about 4- seconds...tractor started instantly! I was having great difficulties starting this thing before! Thank you so much for your input!!!:dance1: